Baroda Yoddha education loan is a scheme for the wards of defence personnel. It provides financial assistance to them for pursuing higher education in India and abroad. Children of defence personnel who wish to pursue executive development programmes in premier institutions can avail of this scheme.
The maximum loan that can availed is INR 1.5 crores. The bank also provides unsecured education loans under this scheme up to 25 lakhs. Let’s know about the details like eligibility, and how to apply for Baroda Yoddha education loan in this blog.
Table of contents
Overview of Baroda Yoddha Education Loan
The Baroda Yodhha Loan Educational for Defence Personnel offers the children of defence personnel to follow their dream of education without having any burden of financial liability. The maximum limit of education loans is INR 1.5 crores for overseas studies. Baroda Forex Cards are a great option that study abroad students must consider to manage their finances easily. Through the ‘Baroda Yoddha’ Education Loan scheme, aspiring students can also avail of up to INR 1.25 crores for higher studies in India.
Aspiring applicants can avail of up to INR 25 lakhs of unsecured education loans under the Baroda Yoddha scheme. There are no processing charges and no margin money required. The loan covers all necessary expenses related to the course except for the costs of external coaching/ tuition. Applicants can re-apply for a Baroda Yoddha education loan if their application is rejected.
Besides Baroda Yoddha education loan, Auxilo education loans for the wards of defence personnel also top the list of applicants. This NBFC provides education loans with no upper limit.
| Maximum Loan Amount | With collateral- INR 1.5 crores (study abroad)Without collateral- INR 25 lakhs |
| Interest Rates | Secured- BRLLR + 0.45Unsecured- BRLLR + 0.90 |
| Processing Charges | NIL |
| Margin | NIL |
Also Read: Compare the education loan interest rates of different lenders and avail study abroad education loans at lowest interest rates in 2024.
Who is Eligible?
Baroda Yoddha education loan scheme extends its financial assistance to the children of the Defense Personnel so that they can secure funds for higher studies in India or any country abroad. Other than that, the candidate must be a citizen of India of age 18 years and higher.
Baroda Yoddha Education Loan Interest Rates
Interest Rates on Baroda Yoddha education loans for the wards of Defence Personnel are low and competitive. The bank charges floating interest rates starting from 8.50% p.a on different education loan schemes. A special concession of 0.50% in the effective rates of interest is also provided to girl students.
| Type of Loan Taken | Rate of Interest | Effective Rate of Interest |
| Secured Education Loan | BRLLR + 0.45 | 9.60% p.a |
| Unsecured Education Loan | BRLLR + 0.90 | 10.05% p.a |
- BRLLR refers to the Baroda Repo Linked Lending Rate. It is currently set at 9.15%.
Apart from this, an additional Risk Premium of 0.10% (for all education loans above INR 7.5 lakhs) may be levied for the applicants who do not have life/group credit coverage to the value of the loan amount.
Important tip- Always make sure to compare the interest rates on education loans of different banks and NBFCs to get the lowest interest rates and avail maximum benefits while applying for study abroad loans.
Also Read: Check out the FAQs on the Restructuring 2.0 Scheme of RBI that provides benefits to the borrowers affected by the COVID-19 pandemic.
Documents Required
Documents related to KYC, academic background, income proof, collateral, university acceptance letter, and English proficiency certificates must be submitted along with the duly filled application form. Here’s the document checklist required to avail of Baroda Yoddha education loan-
- Aadhaar Card/ PAN Card/ Voter ID
- Academic Marksheets (Class X, XII, graduation)
- Valid Passport
- Documents to prove that the applicant is the ward of defence personnel
- Parent’s latest salary slip/Form 16 along with the latest salary certificate
- Previous two years’ income tax returns
- Admission letter from the university
- Fee structure of the university
How to Apply for Baroda Yoddha Education Loan?
There are varieties of modes of application for Baroda Yoddha Education Loan. You can either visit the nearest Bank of Baroda branch or get in touch with the Education Loan Sanction Cell (ELSC). Applicants can also apply for a Baroda Yoddha loan online by visiting the official website or simply through the Vidya Lakshmi Portal.
Branch Application
Go to the local branch of the Bank of Baroda and connect with the concerned representative. They will help you with individual advice and provide personal guidance on every step.
Education Loan Sanction Cell (ELSC)
Get in touch with the Education Loan Sanction Cell which is solely dedicated and committed to your respective assistance.
Vidya Lakshmi Portal
Please use the Vidya Lakshmi Portal to fill out the application. Register yourself and log in using your student credentials. Click on ‘Loan Application Form’. Fill in the application and submit it once done.
Please Note: This is a Common Loan Application form that allows to you apply for a total of three education loans schemes of other lenders.
Please note that students who do not fall under the category of children of Defence Personnel are eligible to apply for other education loan schemes of Baroda education loans through the Vidya Lakshmi Portal.
FAQs on Baroda Yoddha Education Loan
Baroda Yoddha education loan is a scheme for the wards of defence personnel. It provides financial assistance to them for pursuing higher education in India and abroad.
The maximum limit of education loans is INR 1.5 crores for overseas studies and INR 1.25 crores for study in India. Aspiring students can also avail of INR 25 lakhs unsecured loan under the same scheme.
The children of defence personnel are eligible to avail of Baroda Yoddha education loan. They can take financial assistance to pursue higher studies in India and abroad.
Applicants can apply by visiting the nearest bank branch or simply through the Vidya Lakshmi portal. You can also connect with the Education Loan Sanction Cell and apply for Baroda Yoddha education loans easily.
Yes, Applicants whose education loan application form is rejected due to any reason can consider to re-apply for a Baroda Yoddha education loan.
To apply for Baroda Yoddha education loans through the Vidya Lakshmi portal, register yourself and log in using your student credentials. Click on ‘Loan Application Form’. Fill in the application and submit it once done.
This was all about the Baroda Yodhha Education Loan. Make sure to read all the terms and conditions carefully before applying for the same.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
Related Blogs
Follow Us on Social Media
